THE PRESIDENT: Good morning. This is an historic time for our Nation's
economy. Last week, we learned that September was America's 49th
consecutive month of job creation -- the longest uninterrupted period of
job growth on record. And on Thursday, we learned that the American
economy set a new record for exports in a single month. Millions of
American jobs depend on exports. More exports support better and
higher-paying jobs -- and to keep our economy expanding, we need to keep
expanding trade.

This week, I traveled to Miami to discuss the importance of trade and to
call on Congress to pass new free trade agreements. In January of 2001,
America had trade agreements in force with three countries. Now we have
agreements in force with 14 countries, including seven in Latin America.
And Congress now has an opportunity to increase America's access to
markets in our hemisphere by passing three more free trade agreements in
Latin America with Peru, Colombia, and Panama.

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FAQ

These three agreements will expand America's access to 75 million
customers. These 75 million customers are the equivalent of the
populations of California, Colorado, Ohio, Michigan, Tennessee, and
Massachusetts combined.

The first of the new Latin American trade agreements that my
Administration negotiated is with Peru. This agreement would level the
playing field for American businesses and workers and farmers. While
almost all Peruvian exports to the United States now enter duty-free,
most American exports to Peru face significant tariffs. The free trade
agreement would immediately eliminate most of Peru's industrial tariffs,
as well as many of its barriers to U.S. agriculture exports, and make
American products more affordable and more competitive in that country.

The second of the new Latin American trade agreements that my
Administration negotiated is with Colombia. Colombia is now our fifth
largest trading partner in Latin America and the largest market for U.S.
agricultural exports in South America. The free trade agreement with
Colombia would immediately eliminate tariffs on more than 80 percent of
American industrial and consumer exports. It would provide significant
new duty-free access for American crops. And for the first time in
history, U.S. companies would be able to compete on a level playing
field.

The third of the new Latin American trade agreements that my
Administration negotiated is with Panama. This agreement will
immediately eliminate tariffs on 88 percent of our industrial and
consumer goods exports to Panama. It will increase access for American
farmers and ranchers. And it will open opportunities for American
businesses to participate in the multi-billion dollar project to expand
the Panama Canal.

As we work to pass these trade agreements with nations in Latin America,
we'll also work to pass a landmark free trade agreement with an ally in
the Far East -- South Korea. This agreement would open up one of the
world's most powerful economies to more American goods and services
exports. This agreement is projected to add more than $10 billion to
America's economy. And like our agreements in Latin America, this
agreement would strengthen our relationship with a democratic partner in
a critical part of the world.

I know many Americans feel uneasy about new competition and worry that
trade will cost jobs. So the Federal government is providing
substantial funding for trade adjustment assistance that helps Americans
make the transition from one job to the next. We are working to
improve Federal job-training programs. And we are providing strong
support for America's community colleges, where people of any age can go
to learn new skills for a better, high-paying career.

Expanding trade will help our economy grow. By passing these trade
agreements, we will also serve America's security and moral interests.
We will strengthen our ties with our friends. We will help counter the
false populism promoted by hostile nations. And we will help young
democracies show their people that freedom, openness, and the rule of
law are the surest path to a better life. So I call on Congress to act
quickly and get these agreements to my desk.